GMAC Financial Services and Habitat for Humanity join forces to provide affordable housing
Effort will result in 19 new homes
DETROIT and ATLANTA (May 17, 2007) — Habitat for Humanity affiliates across the United States and internationally are joining GMAC Financial Services in an effort to create homeownership opportunities in partnership with families in need through the construction of 19 new homes in 2007.
GMAC Financial Services, based in Detroit, and its real estate finance subsidiary GMAC ResCap in Minneapolis, will provide funding and more than 1,000 volunteers to help build 16 Habitat homes in the United States, as well as additional homes in Canada, Mexico, and Australia. The Habitat construction projects began in March and will continue throughout 2007.
“We salute the important work of Habitat for Humanity in creating safe, decent and affordable housing,” said GMAC President Bill Muir. “GMAC employees are active on behalf of Habitat because we believe in supporting the communities where we live and work, and we know that homeowners play a vital role in building safe, strong and healthy communities.”
GMAC supports efforts that strengthen and give back to communities, particularly those focused on housing, financial literacy, human services, education, youth and the arts.
“We are grateful to GMAC for supporting the mission of Habitat for Humanity and for joining us as, together, we create more affordable housing opportunities with low-income families,” said Jonathan Reckford, CEO of Habitat for Humanity International. “GMAC’s partnership will result in more families acquiring a simple, decent home they can afford—and becoming part of the solution to their own housing needs.”
Full-house sponsorships have been awarded to Habitat affiliates in Charlotte, N.C.; Denver; Duquesne, Pa.; Minneapolis, Minn.; Sacramento, Calif.; and Salt Lake City, as well as Mexico City. Additional funding and GMAC volunteer support will be available from GMAC ResCap to Habitat affiliates in Bethesda, Md.; Burbank and Universal City, Calif.; Charlotte, N.C.; Orange County, Calif.; Dallas; Detroit; Philadelphia; Camden, N.J.; Waterloo, Iowa; Toronto; and Sydney, Australia.
For more than 10 years, the financial and volunteer support offered by GMAC has helped Habitat build and rehabilitate hundreds of homes. Additionally, GMAC supports financial literacy and homeownership through several activities including foreclosure prevention programs via GMAC ResCap’s HOPE for Homeowners initiative, the Homeownership Preservation Foundation and financial literacy via SmartEdge by GMAC, a program designed to educate consumers in the areas of credit, budgeting and choices available when financing a home or vehicle. For more information on foreclosure prevention programs call (888) 995-HOPE and for more information on financial literacy go to www.SmartEdgebyGMAC.com.
Some highlights of the builds that GMAC and Habitat for Humanity will complete together this year include:
• Minneapolis: Both GMAC Financial Services and GMAC ResCap are sponsoring an eight- to 10-week Habitat build, which features the construction of one complete house and four “A Brush with Kindness” projects within the immediate neighborhood. “A Brush with Kindness” is a Twin Cities Habitat for Humanity neighborhood outreach program in which volunteers paint, landscape and provide minor repairs to the exterior of homes for low-income residents at no cost to the homeowner.
• Philadelphia: GMAC ResCap will partner with Habitat for Humanity Philadelphia to construct Philadelphia’s first low-income LEED-certified green homes, to be sold through no-profit mortgages to families in need. LEED for Homes is a voluntary rating system that promotes the design and construction of high performance “green” homes, which use less energy, water and natural resources and create less waste. The benefits of a LEED home include lower energy and water bills; reduced greenhouse gas emission; and less exposure to mold, mildew and other indoor toxins.
About GMAC Financial Services
GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. As of Dec. 31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. For more information, go to www.gmacfs.com.
GMAC ResCap is an indirect wholly owned subsidiary of GMAC and a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe, Australia and Latin America. For more information, go to www.gmacrescap.com.
About Habitat for Humanity International
Habitat for Humanity International is an ecumenical Christian ministry that welcomes to its work all people dedicated to the cause of eliminating poverty housing. Since its founding in Americus, Ga., in 1976, Habitat has built more than 225,000 houses in nearly 100 countries, providing simple, decent and affordable shelter for more than 1 million people. For more information, visit www.habitat.org.